Company registration number 08793490 (England and Wales)
FUTUREPLUS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
FUTUREPLUS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
FUTUREPLUS LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
1,000
1,000
Current assets
Debtors
4
200
200
Creditors: amounts falling due within one year
5
(1,000)
(1,000)
Net current liabilities
(800)
(800)
Net assets
200
200
Capital and reserves
Called up share capital
200
200
Share premium account
1,399,800
1,399,800
Profit and loss reserves
(1,399,800)
(1,399,800)
Total equity
200
200

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 15 March 2024
D Rickus
Director
Company registration number 08793490 (England and Wales)
FUTUREPLUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information

Futureplus Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 14, Blackpool Technology Management Centre, Faraday Way, Blackpool, FY2 0JW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Ideal Time Limited. These consolidated financial statements are available from its registered office, Unit 16 Mitcham Industrial Estate, Streatham Road, Mitcham, Surrey, United Kingdom, CR4 2AP.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The financial statements have not been prepared on a going concern basis as the director plans to close to company down within twelve months from the date when the financial statements are authorised for issue. Accordingly the financial statements have been prepared on a basis other than going concern.

1.3
Profit and loss account

The company has not traded during the year or the preceding financial period. During this time, the company received no income and incurred no expenditure and therefore no Profit and loss account is presented in these financial statements.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

FUTUREPLUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

FUTUREPLUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1,000
1,000
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
200
200
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
1,000
1,000
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Emphasis of matter - financial statements prepared on a basis other than going concern

We draw attention to Note 1.2 to the financial statements which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 1.2. Our opinion is not modified in respect of this matter.

Senior Statutory Auditor:
Graham Speck
Statutory Auditor:
Clarkson Hyde LLP
7
Parent company

The ultimate parent company is Ideal Time Limited, a company registered in England and Wales.

D Rickus is the ultimate controlling party by virtue of his 100% shareholding in Ideal Time Limited, the ultimate parent company.

2023-06-302022-07-01true15 March 2024CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedD Rickus2024-03-15.087934902022-07-012023-06-30087934902023-06-30087934902022-06-3008793490core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3008793490core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-3008793490core:ShareCapital2023-06-3008793490core:ShareCapital2022-06-3008793490core:SharePremium2023-06-3008793490core:SharePremium2022-06-3008793490core:RetainedEarningsAccumulatedLosses2023-06-3008793490core:RetainedEarningsAccumulatedLosses2022-06-3008793490bus:Director12022-07-012023-06-30087934902021-07-012022-06-3008793490core:CurrentFinancialInstruments2022-06-3008793490core:CurrentFinancialInstruments2023-06-3008793490bus:EntityNoLongerTradingButTradedInPast2022-07-012023-06-3008793490bus:PrivateLimitedCompanyLtd2022-07-012023-06-3008793490bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-3008793490bus:FRS1022022-07-012023-06-3008793490bus:Audited2022-07-012023-06-3008793490bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP